Foreign Property News | Posted by Hnin Ei Khin
Take-up for office spaces in Philippine ecozones will hold steady at sanguine numbers through 2020, GMA Newsreported, citing a leading analyst with Santos Knight Frank.
Demand for spaces in buildings accredited by the Philippine Economic Zone Authority (PEZA) is expected grow at the average annual pace next year, according to the consultancy’s senior director Morgan McGilvray.
“PEZA demand is still strong this year. That can last through 2020 as well,” he told reporters in a press conference in Makati City.
The forecast comes on the heels of Administrative Order 18 slapping a moratorium on the approval of applications for ecozones in Metro Manila. The measure, signed by President Rodrigo Duterte in June, effectively bans the creation of new ecozones in the capital in an express bid to encourage ecozone development in the provinces.
Twenty-three zones had applied for PEZA approval before the moratorium, GMA News noted.
Ecozones usually house the offices of BPO (business process outsourcing) companies, a dependable source of jobs for thousands of Filipinos.
“Provinces are now developing these high-quality BPO buildings that Grade A tenants want to be in. This opens up a lot more opportunities for firms in Metro Manila to go out and have success,” McGilvray said.
Ref: Propertyreport
